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17
May |
Premium Pricing |
The Perfect Practice charges premium fees for premium service.
Because of their dedication to extraordinary client service and value, lawyers at the Perfect Practice are able to charge premium fees.
This does a number of things:
- it drives off low paying business that you should not want anyway;
- it allows you to focus on quality instead of quantity (think Nordstrom’s not Wal Mart; Mercedes not Yugo); and
- by reducing the number of cases it allows the staff and lawyers to deliver better service (a self perpetuating model of excellence).
The keys to being able to charge premium fees are as follows:
- specialization
- differentiation
- extraordinary client service
These will be discussed in more detail in subsequent posts.
Tags:pricing strategy Value Billing
Michael:
Other than merely quoting a prospective client a premium fee, what other strategies communicate to the client they will (or should) be getting the extraordinary personalized service they really want in exchange for a premium fee? I agree with your conclusions about what the premium fee does for one’s law practice. Thanks for sharing these ideas. Please check out “The Defense Perspective” this coming week where I expand the discussion on the idea of charging premium fees.
[…] my prior post on Premium Pricing I discussed the benefits of premium pricing in the law practice and I promised to revisit the […]